Multi-Car Insurance Policies | The bank rate


A multi-car insurance policy may be right for you if you are looking to insure more than one vehicle in your household. Most insurers offer a significant discount on your total auto premium when you insure two additional vehicles on your policy. In some cases, a multi-car policy can decrease the additional cost to insure a teen driver on an individual policy. Depending on the carrier, there may also be other benefits.

What is a multi-car policy?

Most car insurance companies offer multi-car (or multi-car) insurance policies. Although insuring at least two or three vehicles is usually the norm, each provider may have their own limits on the number of vehicles covered by a single policy. Multi-car policies are available from almost any insurance company and usually with a discount available, often categorized as customer loyalty.

Each company is likely to have its own requirements for multi-car insurance policies. Some only require that all covered vehicles be located at one address, while others take into account the relationship of the insured to the policyholder. It never hurts to ask carriers what their specific criteria are for multi-car insurance policies or if you can add someone else’s vehicle in your home to your policy.

Potential Advantages and Disadvantages of Multi-Car Insurance Policies

Advantages The inconvenients
Financial savings with the multi-car discount A renewal date with full premium due at once, which could be more expensive
A single bonus Not all insurers offer the same discount amount
shared deductible One high-risk driver can impact the entire policy

While a multi-car insurance policy can save families with good driving histories considerable premium savings, opting for one may not be ideal if one or more drivers have poor histories. driving. In some cases, including a high-risk driver in your policy may increase the overall premium, potentially reducing additional savings. Consider speaking with your insurance provider to see how different circumstances might affect your rates.

How much discount can you get for a multi-car insurance policy?

You will typically see discounts of up to 25% of the total premium for adding a multi-vehicle policy. However, the exact discounts from each provider may vary depending on your coverage and other factors. Here are some companies that offer discounts for insuring more than one vehicle:

How much does multi-car insurance cost?

The average cost of auto insurance is $1,674 per year for full coverage, but varies widely from insurer to insurer and individual to individual. Rates are influenced by several factors such as age, driving history, location and condition of the car.

Since multiple policy types are so common, getting multiple multi-car insurance quotes is relatively simple. Usually, car insurance companies will ask you for the following information:

  • Make, model and year of the cars you want to include in the policy
  • Vehicle Identification Number (VIN)
  • Odometer reading for each vehicle
  • The name, date of birth and driver’s license numbers of each driver to add to the policy

What coverage do you need on your multi-car insurance policy?

Most states require drivers to wear a certain level of liability insurance. On the other hand, the requirements for wearing certain levels of collision or full coverage are not taxed at the state level. In most situations with a multi-vehicle insurance policy, drivers must cover each vehicle with the same amount of liability or uninsured motorist coverage.

Generally, you are free to insure each vehicle with different collision levels and full coverage. However, you may want to keep in mind that the incidents and amounts you are covered for may vary if each vehicle includes different coverages.

Frequently Asked Questions

Which company offers the cheapest multi-car insurance policy?

While nearly every company offers some form of multi-car discount, it’s impossible to tell which company offers the most affordable for each type of driver. Because there are so many factors that affect car insurance prices, the cheapest car insurance company offering a multi-car policy may also offer you important coverages in other areas, such as for carpooling. Experts often suggest getting quotes from multiple insurers to find the best company for you.

What are cumulative insurance limits?

Stacked insurance can be an added benefit with a multi-car policy. In addition to the money saved through rebates, stacking can allow you to combine or “stack” the uninsured or underinsured motorist coverage limits you have on each of your vehicles. By doing this, you can usually increase your overall limits considerably.

Is it worth taking out multi-car insurance?

Having a multi-car policy could allow you to easily manage coverage for multiple vehicles stored in the same household or even save on your overall premium. However, this is not always the cheapest way to insure vehicles. For example, if one or more drivers in a family have poor driving histories, the increased risk may result in higher premiums than the cost of separate policies. One of the best ways to determine which type of policy is right for you is to compare the price of similar coverage from different providers.


Bankrate uses Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates shown are based on a 40-year-old male and female with a clean driving record , good credit and the following complete coverage limits:

  • Civil liability of $100,000 in bodily injury per person
  • Civil liability of $300,000 in bodily injury per accident
  • Civil liability of $50,000 in property damage per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 aggregate deductible

To determine minimum coverage limits, Bankrate has used minimum coverages that meet each state’s requirements. Our basic profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles a year.

These are sampling rates and should only be used for comparison purposes.

Learn more: Compare car insurance quotes


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